Converting from Schedule E to LLC, clean up

Forum|Forum|3 years ago
February 14, 2023
3 replies
0 views

Tried Carl's June 3 2019 posting. The concept is clear, the steps stated do not seem to fit H & B 2022 program.

" On the summary screen" step. I do not find the summary step from the "was the property rented all year "step.

TurboTax Home & Biz Windows

Best answer by Anonymous_

This screen is in the Property Profile section:

Untitled.png

Anonymous_Answer

Employee

This screen is in the Property Profile section:

Untitled.png

WilHen02Author

Thank you Champ. You got be back on the trail. Taking " No " leads to a different path.

QBI will be addressed in TT business ?

Anonymous_

Employee

@WilHen02 wrote:

Thank you Champ. You got be back on the trail. Taking " No " leads to a different path.

QBI will be addressed in TT business ?

Yes, you should see a screen (later in the interview) that asks whether the income is QBI-qualified.

Mike9241

if it's still a rental and a single-member LLC it's treated as if nothing happened ie a single member LLC is a disregarded entity so everything continues as before. no new schedule E.

WilHen02Author

Marital property in a non Community Property State. So the hard way.

As I flip over to TT Business and enter assets I will use the corrected basis as Cost rather than the original cost?

There does not seem to be a way to avoid restarting the depreciation timeline within that program.

WilHen02Author

If I flip to forms view in TT B I see a Z ( other) depreciation type. Is that a possible route to better enter data?

Next year will be easier.

Carl11_2

Employee

The concept is clear, the steps stated do not seem to fit H & B 2022 program.

If you're using the online version of the program, my guidance is written using the CD version installed on my computer. So some screens will be a little different, other screens drastically different.

Also, don't know what post you're talking about, as about 5060 thousand posts have the date Jun 19, because that's the date they were transferred over from the old, now defunct user forum. Therefore, due to tax law changes it's perfectly possible the post was before the 2018 tax law changes in the old user forum, and some of the information provided could be flat out wrong based on current tax law. Be aware of that.